In order to implement Nigeria’s automotive biofuels industry, the Nigerian National Petroleum Corporation is currently sourcing for investors for its Renewable Energy Division (RED).
According to the NNPC in a statement, the automotive biofuels industry programme is aimed at leveraging the vast agricultural potentials with abundant skilled and unskilled labour nationwide.
According to the NNPC, the purpose for the automotive biofuels industry programme is to develop low-carbon energy for the transportation sector with significant financial returns, mitigate climate change, create wealth and employment and attain sustainable development across the country.
The oil corporation says that the first phase of the project will cover at least 50,000 hectares of sugarcane Plantations in close proximity, fitted with fuel ethanol processing plant; cane mill and refined sugar plant; bagasse cogeneration plants; carbon dioxide recovery and bottling Plant, and other utilities as appropriate.
According to the statement: “NNPC has secured suitable land portions to develop fuel ethanol and biodiesel project from local and state authorities and has completed site-specific, bankable, detailed feasibility studies using international experts and registration with appropriate public institutions.
The corporation is seeking to create special purpose vehicles with strategic core investors having proven operational and managerial expertise in large-scale integrated biofuels plantations and plants envisaged for the programme.